Mike Foster: Executives struggling to cope with the big picture

The departure of chief executive Charles Allen from ITV was on the cards as soon as the UK broadcaster's share price fell to a low of 94p against the 130p offered to shareholders by Greg Dyke's consortium in April.

Instead of negotiating with Dyke, Allen's board rejected the bid outright, saying the combined company's gearing would be too high. This kind of no-nonsense approach is to be expected from ITV chairman Sir Peter Burt. He...